Economics

Understanding Global Markets

Module code: L1077
Level 6
15 credits in autumn teaching
Teaching method: Lecture, Seminar
Assessment modes: Coursework, Unseen examination

The aim of this module is to give you an understanding of key features of the newly emerging globalised world economy. The module therefore comprises four components. The first of these analyses the conceptual background to understanding global markets, as well as examining the underlying changes in technology, which has transformed economic relations between regions and nation states. The subsequent components then use that background in order to focus on the key characteristics and changes in trade, goods and services, capital flow, and movement of people.

The module structure is as follows:

  1. The context
    1. The emergence/development of global markets and understanding what can be meant by globalisation.
    2. The impact of technological change on global markets (information technology, transport costs, etc).

  2. Goods and services
    1. Why do countries trade and why do countries integrate into regional blocs?
    2. The evolution of patterns of trade:
      • Trade volumes
      • Geographical patterns of trade (North-North, North-South, South-South, regional groupings etc)
      • Vertical spcialisation and value chains, outsourcing, offshoring, supply chaining
    3. The role of services in the global economy ad the evolution of services trade.

  3. International Capital flows: multinationals and foreign direct investment – theory and data.
    1. Short run capital flows: global capital markets and origins of financial and exchange rate crises.

  4. Labour Migration
    1. Why workers migrate: individual and family motives.
    2. The impact of migration on the home market and on the host market.

Module learning outcomes

  • Have demonstrated a systematic understanding of those principles at the forefront of economics as they relate to economic problems and issues
  • Have demonstrated a systematic understanding of an appropriate number of specialised fields of economics (e.g. labour economics, development economics)
  • Be able to use the power of abstraction to focus upon the essential features of an economic problem and to provide a systematic framework for the coherent and critical evaluation of the effects of policy or other exogenous events.
  • Have learned to understand the importance of, and be able to construct, rigorous argument to help evaluate ideas, including those at the forefront of research.